Debswana, a joint venture between De Beers and the Botswana government, reduced its 2015 production target from 22 million carats to 21 million carats in September.
Shortly before, De Beers sold the Kimberley Mines in South Africa and closed the Snap Lake in Canada.
Diamond export revenues account for more than 70% of Botswana's total export revenue, and the diamond industry's output value accounts for nearly 25% of GDP. De Beers’ move is expected to cause about 1,000 people to lose their jobs.
Botswana was overtaken by Russia last year, losing its status as the world's largest diamond producer. The mining of diamonds in the country is getting deeper and deeper, the cost is rising, the shortage of hydropower is faced, and the price of diamonds is declining. The competitiveness of mining enterprises is seriously weakened.
Related reading: Botswana's largest diamond mining company will close a mine
Xinhuanet Gaborone December 18 (Reporter Lu Tian) Due to the continued downturn in the global diamond market, Botswana's largest diamond mining company, De Biswana, will temporarily close its Daimla diamond mine in central Botswana.
According to Botswana media reported on the 18th, in response to the downturn in the diamond market, De Biswana will temporarily close the Daimla diamond mine, and the No. 1 mine in the Orapa diamond mine, also located in central Botswana, will also reduce production and maintenance. In 2016, Derby Swana's diamond production is expected to be 20 million carats.
Affected by factors such as weak diamond demand and low global economic growth, the sales volume of Derby Swana's rough diamonds continued to decline sharply in the second quarter of this year, affecting the entire industry including diamond processing and retail.
Derby Swana is a joint venture between the Botswana government and the world's diamond giant De Beers Group, each with half of the shares.
The average grade of gem-quality diamonds produced in Botswana is high. The country is the world's largest value-based diamond producer with a maximum annual production of more than 30 million carats.
Botswana’s President Kama said in a State of the Union address in November that Botswana faces the challenge of falling prices for minerals such as diamonds. As of August this year, the global benchmark prices of 1 carat and 0.3 carat diamonds fell by 12.9% and 29% respectively over the past year.
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